Afternoon Coffee: CVS in Talks to Buy Aetna for $66 Billion, iPhone X Preorders Sell Out

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Drugstore chain CVS Health Corp. is rumored to have made a proposal to buy Aetna Inc. for more than $66 billion, according to the Wall Street Journal. With Amazon reportedly moving into the pharmacy business, drugstores may soon be facing the same pressures as brick-and-mortar retail stores.

iPhonemania

This morning, Apple’s iPhone X became available for preorder, and demand met the hype. According to CNET, the initial supply sold out in 10 minutes. Other customers would have to wait two to six weeks after the November 3 launch date to receive their new phones.

Citrus Woes

Due to crop damage from Hurricane Irma, the state of Florida is expecting to import more oranges than what is grown in-state this season, the Orlando Sentinel reports. The hurricane is estimated to deal a $2.5-billion blow to Florida’s agricultural industry, including a $761-million loss for the citrus industry specifically.

G.D.P. Expands

But despite earlier pessimism among economists, the U.S. economy has not been negatively affected by the hurricanes, the New York Times reports. In fact, it expanded at a 3% rate during the third quarter, bolstered by continued consumer and business spending.

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